Sovereign Trust Insurance grew revenue by 23% in 2023
Sovereign Trust Insurance Plc STI
Sovereign Trust Insurance grew revenue by 23% in 2023
Sovereign Trust Insurance Plc, (the Company) grew revenue by 23 per cent in 2023 financial year.
The underwriting firm recently released its 2023 audited financial statements in line with the new reporting format of IFRS-17 to the general public having gotten the requisite approval from the industry’s Regulatory Authority, National Insurance Commission, NAICOM.
In spite of the challenging operating environment that characterized operations of most businesses in the country in 2023, the underwriting firm maintained its growth trajectory remarkably in the period under review when compared with the performance of year 2022.
The Managing Director and Chief Executive Officer of the Underwriting Firm, Mr. Olaotan Soyinka, said the performance of the company in 2023 is quite encouraging considering the various business challenges that the insurance Industry had to deal with in the past year.
According to a statement by the DGM/Head, Corporate Communications & Investor Relations, Olusegun Bankole, the MD said there is definitely room for improvement in the days ahead and that, the Underwriting Firm is poised to take advantage of the opportunities that are inherent in the insurance marketplace.
Sovereign Trust Insurance Plc, (the Company) recorded a total of N19.3bn insurance revenue in 2023 as against the sum of N15.7bn that was written in 2022, representing a 23 per cent growth rate for the year.
Total Assets of the Underwriting Firm also grew by 33 per cent to N22.7bn in 2023 as against N17.1bn in 2022. Equally of note is the increase in the company’s total equity which also grew by 30 per cent from N10.4bn in 2022 to N13.5bn in 2023.
The return on investment of the company also grew by 49 per cent from N548.7m in 2022 to N819.4m in 2023. The company equally recorded a Profit Before Tax of N1.4bn just as it did in 2022.
The Managing Director/CEO of the Company, Mr. Olaotan Soyinka, while briefing newsmen in Lagos said the management of the company is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike.
He said, “These performance levels are a confirmation of the management’s determination to effectively and strategically position the company as one of the leading and vibrant insurance companies in the country while also making conscious efforts at propelling the company to a profitable height for shareholders’ delight” in the years ahead.
The MD also hinted that the underwriting firm will be paying dividends to its shareholders this year.
